Get exclusive money‑saving offers and guides

How to buy Time New Bank (TNB)

1 February 2018

A beginner’s guide to Time New Bank and how to buy TNB in Australia.

Time New Bank is a time asset exchange powered by the Ethereum blockchain. Based on the belief that time is one of the most valuable assets mankind possesses, this cryptocurrency aims to establish a time-value transmission network to allow the exchange of time as a commodity.

So, how does Time New Bank work, what influences this crypto’s value and how can you buy TNB in Australia? Keep reading to find out.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy, sell or trade TNB

TNB is currently available on a number of cryptocurrency exchanges, including:

Compare up to 4 providers

A step-by-step guide to buying TNB

If you want to buy TNB, you can do so by following these three steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to buy TNB

Find a crypto exchange that lists TNB in currency pairs and sign up for an account. It’s usually free to register and you’ll need to provide your name and email address, while some exchanges will also require additional contact information and photo ID before you’re allowed to trade.

It’s also a good idea to set up two-factor authentication on your account to ensure increased security for your funds.

Step 2. Deposit funds

There’s currently no way to directly exchange fiat currency (Australian dollars) for TNB. This means you’ll need to either own or buy a cryptocurrency which can be exchanged for TNB, for example, bitcoin (BTC) or Ethereum (ETH), and then use it to acquire TNB.

To deposit funds into your account, login and click on the “Deposit” link. You can then follow the prompts to generate a wallet address for the funds you want to send from another exchange or wallet.

Step 3. Buy TNB

Once the funds have been successfully deposited, search for the cryptocurrency pair you want to exchange, such as ETH/TNB. Click on “Buy TNB”, choose a market or limit order and specify the number of tokens you’d like to buy.

Make sure you review the details of your transaction, including the amount of TNB you’re buying and the total cost of the exchange, before proceeding with your purchase.

How to sell TNB

If you want to sell your TNB holdings, you’ll need to look for the “Sell TNB” link and follow a fairly similar process to that outlined in Step 3 above. However, be aware that crypto exchanges don’t offer every possible currency pairing, so you may not be able to directly exchange your TNB for the currency you want.

Which wallets can I use to hold TNB?

Holding your cryptocurrency funds on an exchange for any length of time is not recommended, as this puts your coins at greater risk of security breaches. Instead, it’s recommended that you store your cryptos in a secure wallet.

TNB is an ERC20 token on the Ethereum network, so you’ll need to hold your TNB in an Ethereum-friendly wallet. Examples of suitable wallets include:

How Time New Bank works

If you’ve ever watched the Justin Timberlake and Amanda Seyfried sci-fi thriller In Time (2011), you’ll be fairly familiar with the concept of time as a commodity.

Launched in October 2016 and based in Singapore, the TNB project aims to create a precision time-value transmission platform based on the Ethereum blockchain. Miao'A International Timechain (M.I.T.) is behind the TNB digital currency and, according to its official website, aims to “establish a time-value transmission network which comprises prominences of decentralisation, internationalisation, payment flexibility, pricing transparency, and strong protection of rights and proof-of-stake”.

More detail can be found in the white paper, which reveals that the platform will organise a comprehensive network comprised of a primary, secondary and third markets for time commodity exchange.

From the white paper:

“M.I.T. aims to deliver a standardised system that fully expresses the value of time commodities based on how time exporters are recognised and demanded via scientific and systematic analytical model by leveraging its decentralised value transmission platform. In commodity value transmission process, TNB will be adopted as the settlement currency to accurately tell both the current and future value of the time commodities.”

The company says there will be four main parties using the platform:

Time exporters. These are the providers of time commodities, ie the people who commit to spend a certain period of time to offer a service for buyers. This includes celebrities, entrepreneurs, lawyers, physicians, teachers and industry experts.

Time demanders. These are the people who will purchase time commodities in exchange for a service from time exporters.

Time investors. This category refers to those who purchase time commodities from the primary market and monetise them on the secondary and third markets to make a profit.

Time asset operators. Time asset operators are companies and partnerships that connect high-quality time assets, demanders and investors to the Time New Bank ecosystem.

What to consider before you buy TNB

Buying and holding cryptocurrencies is complicated, speculative and risky. It’s essential to thoroughly consider all the risks and potential benefits of a crypto before buying, so if you’re thinking of purchasing TNB, make sure to take the following into account:

Supply. According to CoinMarketCap, at the time of writing (31/01/2018) the circulating supply of TNB was 1,631,622,325, out of a total supply of 5,541,877,892 TNB.

ICO. The Time New Bank ICO was held in November 2017, with 27% of the total token supply made available for sale. The ICO raised more than US$8 million.

Use. TNB will be used as the native currency to settle transactions within the network and to determine the present and future value of a time commodity. As a result, the more the network is used, the greater the demand for the TNB token should be.

Adoption. In its early stages, the success of Time New Bank will be heavily influenced by the number and calibre of celebrities and entrepreneurs who offer their time through the platform. Make sure you stay up to date with the latest announcements from Time New Bank for details of any future partnerships.

White paper. If you want to gain a deeper understanding of how Time New Bank works, check out the company’s white paper. At the time of writing, there was also limited information available online about the platform, so you may want to check out the company’s English Telegram group for more details.

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

Ask an Expert

Do not enter personal information (eg. surname, phone number, bank
details) as your question will be made public

finder.com.au is a financial comparison and information service, not a bank or
product provider

We cannot provide you with personal advice or recommendations

Your answer might already be waiting – check previous questions
below to see if yours has already been asked

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our FSG - Financial Products. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our Credit Guide for more information. We can also provide you with general advice and factual information on about a range of other products, services and providers. We are also a Corporate Authorised Representative of Countrywide Tolstrup Financial Services Group Pty Ltd. ABN 51 586 953 292 AFSL 244436 for the provision of general insurance products. Please refer to our FSG - General Insurance. We hope that the information and general advice we can provide will help you make a more informed decision. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. We also don't recommend specific products, services or providers. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. (c) 2018.

Feedback

How likely would you be to recommend finder to a friend or colleague?

0

1

2

3

4

5

6

7

8

9

10

Very UnlikelyExtremely Likely

Required

Required

Required

Optional, only if you want us to follow up with you.

By submitting your email, you agree to the finder.com.au Privacy Policy

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Important information about this website

finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.

finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.

Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.

The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.

Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.

We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.

Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.

Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.

Please read our website terms of use for more information about our services and our approach to privacy.